Saturday, July 23, 2011
$86 million land purchase would expand Scottsdale preserve
Scottsdale is looking to buy 4,419 acres of state land with a price tag of $86 million for its McDowell Sonoran Preserve.
The Arizona State Land Department plans to sell two north Scottsdale parcels the city wants at auction in November or December. A recent appraisal set the minimum bid for one parcel of 1,937 acres at $41 million and the other parcel of 2,482 acres at $45 million, said Vanessa Hickman, deputy state land commissioner.
Scottsdale is applying for matching funds from the state's Growing Smarter conservation fund, but only $40 million is available for Maricopa County entities. Phoenix is seeking $6 million from the fund to buy state trust land for its Sonoran Preserve.
"That's not keeping us from going forward with the acquisition," said Kroy Ekblaw, Scottsdale preserve director.
Scottsdale has acquired about half the 34,000 acres of desert and mountain terrain it has targeted for conservation, and there is not enough preserve-tax revenue to complete the job. Two voter-approved sales-tax measures for preserve acquisition are expected to raise an additional $115 million before they expire in 2025 and 2034.
City acquisition of the two state trust-land parcels would increase the size of the preserve to roughly 21,400 acres, leaving 12,600 more acres to acquire.
It's unclear how much money Scottsdale could receive this year from the Growing Smarter fund, Ekblaw said.
The fund, which is administered by the Arizona State Parks Board, is nearly depleted.
Scottsdale's McDowell Sonoran Preserve Commission is considering funding options the city can pursue to complete the preserve, said Howard Myers, commission chairman.
"Obviously, we don't have enough in what's left to buy all we want," he said.
Last year, Scottsdale bought 2,000 acres of state trust land near Dixileta Drive and Alma School Road for $44 million, with half the funding from the Growing Smarter fund. The city was the only bidder.
Scottsdale is planning to build trails for the area and restore land scarred by off-road vehicles, shooting and illegal dumping. Five stewards from the McDowell Sonoran Conservancy on Thursday were wielding picks and shovels on a revegetation project at the Black Hills Tank northeast of Fraesfield Mountain.
The stock tank was bulldozed more than a year ago, and volunteers have been working to plant and nurture native grasses, mesquite trees and cactuses to control erosion, said Robbin Schweitzer, a city preserve manager.
One of the parcels of state land for sale later this year is northeast of Dixileta Drive and Pima Road and stretches along the Lone Mountain Road alignment to 136th Street.
The second parcel, which is a higher priority for acquisition, is on both sides of Rio Verde Drive from 136th Street to 122nd Street. It borders the McDowell Mountain Regional Park.
Scottsdale would have to compete with other bidders at the state land auction if homebuilders decide to go after the land.
Myers, of the preserve commission, does not think builders will be in any position to buy the large parcels given the low demand for new housing.
"We have money, and they don't," he said. "At least that's the way we hope it goes."
Ross Smith, senior vice president at Cassidy Turley BRE Commercial, said the appraisal price for the state land does not seem unreasonable. But he noted that comparable prices of large tracts of Scottsdale land are hard to find these days since few land deals have been made.
Cynthia Peters, Phoenix parks and preserve administrator, said Phoenix will apply for $6 million of Growing Smarter funds to buy 595 acres of state land in the area of Seventh Street and Dixileta Drive. The parcel has been appraised at $12 million.
The Arizona State Parks Board is expected to consider allocation of the Growing Smarter funds in September. No dates have been set for the state land auctions.
by Peter Corbett The Arizona Republic Jul. 22, 2011 08:45 AM
$86 million land purchase would expand Scottsdale preserve
Labels:
land,
mcdowell sonoran preserve,
scottsdale
Real Estate News
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
Archive
-
▼
2011
(704)
-
▼
July
(80)
- Almost half of mortgages in Arizona are 'underwate...
- Study: Arizona among worst states for consumer credit
- Real-estate expert sees disconnect in lending
- Phoenix-area homebuilders adjust to market
- Gilbert new-home construction on rise, leading Valley
- Demolition site in Phoenix scheduled for trustee's...
- Scottsdale-based Meritage home sales, profits plunge
- Dissecting the rival debt plans' key differences
- Home-price index finally lines up with local reality
- U.S. debt default would harm nation, individuals
- Fannie Mae Downgrades Housing Outlook. Again
- Can Brian Moynihan fix America's biggest bank? - T...
- Surprise! The big bad bailout is paying off
- Phoenix-area homebuilders adjust to market
- Savings Bonds' shift to digital-only marks end of era
- Gilbert considers large apartment complex near San...
- A boom in corp. profits, a bust in jobs, wages
- Scams, manipulation, fraud targeting elderly on th...
- ASU launching 2 programs to offer help in resolvin...
- $86 million land purchase would expand Scottsdale ...
- Old Rawhide site in Scottsdale might become new ap...
- UPDATE: Freeport-McMoRan 2Q Net Income Doubles As ...
- Luxury-home broker Danley opens his own firm
- Storytellers: For 30 years, Walt Danley quietly cl...
- Realtors' confidence levels shoot up, survey reports
- Chandler's office vacancy rate drops sharply
- Hispanic organization loan brings CityScape hotel
- FTC paying nearly $108M to Countrywide borrowers
- Bipartisan debt-reducing plan targets mortgage ded...
- Mortgage 'robo-signing' goes on
- 2 Phoenix medical-office buildings sell for $32.75...
- Analysis: Banks in Arizona need cash
- Lenders must give details on credit denials
- Home building jumps 14.6% in June
- Most of Tempe condo project is acquired
- Group proposes to build beach club in Entertainmen...
- Expert: Commercial loan modifications possible
- US builders' outlook rises after 2011 low
- 7 tips for rebalancing your fund portfolio
- Citigroup Q2 Profit Rises 24%, Tops View - Update
- Down on the farm, investors see big potential
- Apartment community is sold to fund for $40 million
- Prescott bank to open as a Foothills branch
- JPMorgan investment banking gains
- Foreclosure delays could hold off housing rebound
- Phoenix-area leasing of offices up in 1st half of ...
- Developer ready to channel energy into completing ...
- 26 acres in south Chandler sells for $2 million
- azcentral.com blogs - Scottsdale Republic Editoria...
- Settlements, lower trading to hurt 2Q bank earnings
- Feds ease foreclosure rules for unemployed FHA bor...
- Part of Scottsdale Promenade purchased
- Phoenix-area foreclosures are down again
- Bankruptcy filings in Phoenix area fall again
- Tenants, Glendale officials retain high hopes for ...
- 'Strategic defaulters' tend to be affluent, savvy ...
- Weidner fattens property portfolio
- Jobless homeowners to get more leniency
- Dimon-Bernanke Skirmish Shows Bankers Losing - Bus...
- JPMorgan pays $211M to settle bid-rigging charges
- Phoenix area housing market gaining ground, new da...
- New IMF chief vows to empower developing nations
- New regulation governs short sales
- Q&A on eligibility for homeowner aid
- Downtown Phoenix parcel set for housing
- Construction spending falls, manufacturing recover...
- Musical nameplates
- Office leasing may soon revive
- ASU realty professor Jay Butler retires
- Viad buys resort for $16 million
- Treasury secretary may exit after debt talks
- Scottsdale council increases maximum building heig...
- Fed limits debit fees retailers pay
- Bank of America pays $8.5 billion investor settlement
- Phoenix shopping center sold for $30 million
- Scottsdale office buildings sold for $60 million
- Despite bad economy, homebuilder has Valley's top-...
- Fulton Homes to exit Chapter 11
- Former home of McCains up for foreclosure auction
- French finance minister appointed to lead IMF
-
▼
July
(80)